| Bank of India Saving Accounts |
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| Bank of India savings account can be opened by a single individual, two or more individuals in joint accounts, minors, associations, blind persons, clubs, societies, etc. The bank gives 3.5% interest per annum applied twice in a year in February and August. Under this account, bank also offers incentives such as free global debit cum ATM card with free Star Sandesh (SMS) on debit transactions, free internet banking facility, free SMS and tele-banking, free fund transfer through INTEFRNET Banking, etc. There are some products that the bank offers especially for its savings account customers. These products include domestic travel insurance cover at low premium of Rs 63/- p.a., BOI National Swasthya Bima Yojana floter mediclaim policy of NICI offered at low premium, etc. |
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- Average quarterly balance 1 lac and above
- Branch debit transactions per month FREE
- Home delivery of Demand Drafts (couriered) FREE
- International Gold Credit Card FREE
- Inward Cheque Return charges - local Waived
- Air Accident Travel Insurance Upto Rs.5.00 lacs free.
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- BOI Savings Plus is a mix of Savings Bank Account and Term Deposit Account.
- It aims at maximizing the earnings for the customer, without jeopardizing liquidity.
- Minimum balance in SB portion is Rs.25,000/- and minimum balance in Term Deposit Portion is Rs.5,000/-.
- Any amount in excess of Rs.25,000/- in the SB portion will be auto swept out into the SDR or DBD portion in multiples of Rs.5,000/- on daily basis.
- In the SDR portion, monies can be invested for any period from 15 days to 179 days, as per the customer's choice. In the DBD portion, monies can be invested from 6 months upto and including 10 years, as per the customer's choice.
- Upon maturity, the principal in the SDR/DBD portion would be auto-renewed for an equal period, while the interest would be credited to the SB portion on the concerned due date. The same, if not withdrawn can be swept back again into SDR/DBD for a period of the customer's choice.
- In case the balance in the SB portion is short of the required level to meet cheques presented in the A/c., funds from SB Plus portion will be auto swept in, into the SB portion, in multiples of Rs.1,000/- on daily basis. Although this would amount to Payment before Maturity, no penalty would be charged. The latest SDR/DBD deposit would be closed before maturity (in multiples of Rs.1,000/-) to ensure that the customer does not have to bear higher loss (i.e. LIFO principle to apply).
- Non-maintenance of minimum balance prescribed in the SB portion, will attract a penalty of Rs.200/- per quarter.
- Rate of Interest on the SB portion would be 3.5% p.a., while the Rate of Interest on the SDR/DBD portion will depend on the tenure for which each deposit is placed, and at the ruling Interest Rate as on the date the deposit is placed or renewed.
- TDS norms would apply as per extant rules.
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- For Cheque Operated Accounts – Free 50 Cheque Leaves P.A
No Ledger folio/ Transaction charges
- Free GLOBAL DEBIT CUM ATM Card (Annual Charges applicable from next year) with free Star Sandesh (SMS) on debit transactions
- Free Internet Banking facility
- Free Fund Transfer Through Internet Banking
- Unlimited Internet & ATM transactions
- Free access to BOI ATMs under Cash Tree
- Free SMS and Telebanking
- Personalised cheque book on request at select centres
- Free utility bills payment facility through E-pay
- Free NEFT/RTGS through internet Banking for single transaction
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- Simplified Know Your customer norms to be complied
- SB no-frill account to be opened with minimum Zero balances at all branches, subject to compliance of all other terms and conditions
- Free Debit Cum ATM card issued at all CBS branches(Annual Charges applicable from next year)
- Withdrawals through ATMs & branch withdrawals - max 2 per month.
- No third party withdrawals
- Free quarterly statement of account at Urban and Metro branches. Pass books at Rural & semi-urban branches.
- No penalty for not maintaining Min balance.
- No charges for closure of account.(ATM Debit card to be surrendered)
- Account can be converted into normal SB account by maintaining required minimum balance.
- Branch Managers are delegated to issue one cheque book free to literate account holders.
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- Free Int.Debit-cum_ATM card.
- Free Internet Banking facility.
- Personalised cheque book on request.
- ROI applicable to less than 15 lac.
- Free NEFT/RTGS through internet Banking upto Rs5 lac.
- AT CBS branches max. cash withdrawal transaction:Rs. 50000/-, upto Rs. 25000/- per day free. Beyond Rs.25000/- charges - Rs.2/- per thousand and cash deposits. Rs.1/- per thousand for transfer of funds from one branch to other branch - Nil charges.
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- Internet Banking
- Star Sandesh Facility
- RTGS/NEFT payment through internet Banking
- Mobile Banking
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- No minimum balance requirements.
- No Ledger Folio/ Transactions charges.
- Free ATM International Debit Card(Annual Charges applicable from next year )
- Free India Card (Charge Card)
- Free Internet Banking Facility.
- Unlimited Internet Banking Transactions and also at ATMs of BOI
- Free Access to non-BOI ATMs under Cash Tree.
- Free Statement of Account - Quarterly - from the Branch
(No Pass Books to be delivered) Monthly - through e-mail.
- Free Tele banking/ SMS Banking.
- Free Personalised Cheque Books (50 leaves in a year)
- Free Demat Account (for the first year)
- Facility for Online Trading of Shares
- Free cheque pickups/deliveries - once a day (cheque drop boxes to be installed in the Office)
- TOD Facility - equal to previous month's net salary @ Personal Loan Rate.
- Free Multicity Cheques
- Free Utility Bills Payment through e-Pay Facility.
- Waiver of processing charges and/or concession in R/Interest upto 25 basis points for group processing of Retail Loans of the employees. - ZMs to use their discretion.
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Free Accidental Death Insurance Cover Up To Rs.50, 000 /-
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Unlimited Internet & ATM transactions at BOI ATMs
Free SMS and Telebanking
Free utility bills payment facility through E-pay
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Group Personal Accident Death Insurance Cover of Rs. 5 lakhs on the Debit Card, which shall be activated by single POS Swipe
Free Fund Transfer Through Internet Banking
Unlimited Internet & ATM transactions at BOI ATMs
Free SMS and Telebanking
Free utility bills payment facility through E-pay
Free NEFT/RTGS through internet Banking for single transaction
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0.25% concession in ROI on Home Loan and Auto Loan subject to min Base rate
50% concession in processing charges on Home Loan and Auto loan
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